Morgan Stanley Issues Pessimistic Forecast for WEBTOON Entertainment (NASDAQ:WBTN) Stock Price

WEBTOON Entertainment (NASDAQ:WBTN) had its target price reduced by analysts at Morgan Stanley from $17.50 to $16.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 25.59% from the company’s previous close.

Separately, Deutsche Bank Aktiengesellschaft decreased their price objective on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.67.

WEBTOON Entertainment Stock Up 0.7 %

NASDAQ:WBTN opened at $12.74 on Monday. WEBTOON Entertainment has a 12-month low of $10.05 and a 12-month high of $25.66. The company has a fifty day moving average of $12.56.

Institutional Investors Weigh In On WEBTOON Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in WBTN. Charles Schwab Investment Management Inc. purchased a new position in WEBTOON Entertainment in the third quarter valued at approximately $1,344,000. State Street Corp acquired a new position in shares of WEBTOON Entertainment in the 3rd quarter valued at $1,560,000. Barclays PLC grew its position in shares of WEBTOON Entertainment by 1,404.1% in the 3rd quarter. Barclays PLC now owns 523,589 shares of the company’s stock valued at $5,990,000 after buying an additional 488,779 shares during the last quarter. Geode Capital Management LLC raised its stake in WEBTOON Entertainment by 290.1% during the 3rd quarter. Geode Capital Management LLC now owns 412,131 shares of the company’s stock worth $4,716,000 after acquiring an additional 306,496 shares in the last quarter. Finally, FMR LLC raised its stake in WEBTOON Entertainment by 45.0% during the 3rd quarter. FMR LLC now owns 6,136,865 shares of the company’s stock worth $70,206,000 after acquiring an additional 1,905,231 shares in the last quarter.

WEBTOON Entertainment Company Profile

WEBTOON Entertainment Inc operates a storytelling platform worldwide. The company’s platform allows a community of creators and users to discover, create, and share new content. Its platform offers stories primarily in two ways, including web-comics, a graphical comic-like medium; and web-novels, which are text-based stories.